Summary by Moomoo AI
Kingsoft Cloud reported Q2 2024 revenue of RMB1,891.8 million, up 3.1% YoY and 6.5% QoQ. AI revenue reached RMB326 million, doubling to 26% of public cloud services revenue. Adjusted gross margin improved to 17.1% from 11.3% YoY. Adjusted EBITDA turned positive at RMB60.6 million.Public cloud services revenue grew 6.5% YoY to RMB1,234.5 million, driven by AI demand growth. Enterprise cloud services revenue declined 2.7% YoY to RMB657.2 million as the company focused on profitability. Net loss narrowed to RMB353.7 million from RMB498.3 million YoY.The company highlighted its strategic focus on AI opportunities, sustainable development, and strict cost control. Cash and equivalents stood at RMB1,837.8 million as of June 30, 2024. Kingsoft Cloud continues to enhance its AI capabilities and deploy solutions to improve customers' data management performance.
